FORBES · 2026-11-09 23:06 UTC

How To Value Bitcoin Miners After The AI Selloff And Texas Shock

A broad AI and chip selloff on November 5 hit bitcoin miners, with IREN, Cipher Digital and TeraWulf falling by double digits, and analysts say miners trade as AI stocks. Texas Democrat Gina Hinojosa, who won the governor's race, has pledged to keep new data center approvals on hold; Gov. Greg Abbott began a state pause in August, and Bernstein cut price targets on seven miners by roughly a third to a half. IREN's latest quarter had $200 million of $228 million revenue from AI cloud, with bitcoin mining revenue falling to $28 million from $67 million, and a plan to largely exit mining by…

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